According to estimates from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes surged in April. Boosted by the expiring tax credits, sales soared 47.8 percent above last year’s level and 14.8 percent above March. April’s numbers exceeded economists’ expectations and marked the second straight month of gains. Also, the median price for a new home dropped 9.7 percent from March to $198,400, the lowest since December 2003. More here and here.

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